IIPM Auto Enrolment Course
FeatureVideo.mp4 from William R. Keane on Vimeo.
What is it?
- People in employment automatically enrolled in a pension scheme
- Unless they are already covered in an existing scheme
- Scheme run by State agency (CPA)
- Employer and employee contribution
- Plus support from the State
- Pension account invested on DC basis to retirement age
- Pot follows member (i.e. on changing jobs)
- Benefits available in the usual DC way (PRSA rules)
Why?
- Only 56% of working population have pension arrangements
- And that includes public sector (virtually 100% coverage)
- Private sector below 40%
- A lot of people going to be reliant on State pension only in old age
- Older people as economic participants
- OECD says Ireland only western economy without automatic provision
- Irish economy made up of small employers
- Cost of small schemes, management burden disproportionately high
- Eventual erosion of State benefits?
Next Steps
The IIPM is monitoring developments closely and will be launching an employer focused Automatic Enrolment Preparatory Course to assist employer stakeholders within the HR, Finance and other functions; to equip themselves for the impact of the AE System on their organisations and workforces.
To register your interest in hearing more / enrolling in this course, when available, please complete the form below.
